With no major economic reports on tap Monday, investors are questioning the outlook for growth in light of Friday's jobs report, said David Rolfe, chief investment officer of Wedgewood Partners of St. Louis.

Traders are also bracing for a potentially "choppy earnings season," he added.

Friday's jobs report revived speculation that the central bank will launch a third round of asset purchases, a policy known as quantitative easing, or QE3.

Companies: Shares of aluminum producer Alcoa (AA, Fortune 500) eased on worries about the materials sector looming ahead of the latest round of corporate results. Analysts are predicting a 14.5% drop in earnings for the sector, according to FactSet.

Alcoa will report after the closing bell on Tuesday, marking the unofficial start of earnings season.

The banking sector was under pressure, with Bank of America (BAC, Fortune 500), JPMorgan (JPM, Fortune 500) and Citibank (C, Fortune 500) down sharply. Investors will get an update on the health of the financial sector later this week when JPMorgan and Wells Fargo (WFC, Fortune 500) report quarterly results Friday.

AT&T (T, Fortune 500) shares eased after the company said Sunday that it had yet to reach a deal with its union on a new contract after the old one expired, but that workers would stay on the job while negotiations continue.